interstate,
I would assume they are issuing shares quarterly for the bolded section below..
Non-executive members of the Company's Board of Directors receive (1) an initial grant of 100,000 shares of common stock, (2) an annual grant of 500,000 shares of common stock, (3) an annual grant of 500,000 stock options, (4) an annual retainer of $40,000 (payable quarterly), and (5) a cash payment for attendance at each board meeting in the amount of $2,000 for in-person meetings and $1,000 for telephonic meetings. Regarding members of the Company's Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee, the Chair receives a payment of $1,500 per meeting and the regular members receive $1,000 per meeting. Each independent director is entitled to receive payment of the directors' fees in the form of shares of the Company's Common Stock valued at 150% of the actual directors' fees due and payable. The fee structure for the directors was established and approved by the Compensation Committee and ratified by the full Board of Directors effective August 1, 2011.
